Seriously. Can no one tell me why my lawyer is advising me to put my new condo under a corporation?! I get the liability (it will be a vacation rental), but if it is the...
Hara M. replied:
It's not necessary. Its what they've been preaching for years but the laws have changed. No, you won't be protected by a corporate veil here if something goes so wrong you get sued. That's why you carry insurance. Read Outlier Legal blog on the subject for free...
Daniel W. replied:
Tom MayerYou are repeating out of date and fundamentally flawed information. If you are worried about heirs, then put the property in their name now. Unless those heirs live in Costa Rica and have roots here, then they are just going to sell for pennies on the dollar to a real estate speculator.
Estela D. replied:
Daniel Woodall..not everyone does that..my family has a property in dispute among cousins going on now for 25 yrs now..it has been awful w many attorneys and heirs involved..CR s very complicated even with a will..trust me..unless ppl plan to live fore...See More
Liz D. replied:
Liane Gibbs from what I understand of my friend who owns and lives there (she is a corp), that's where a corporation makes it less of a headache. You name them as an officer of the corp and it automatically goes to them...or, as someone else said....just put it in their name now. My kids want to live in CR, but not everybody's will want to.
Daniel W. replied:
Liane Gibbsif the property is in your personal name, and you die in this country, then it is very easy for a corrupt notary to steal it. Your death here would be a public record and there are crooks who specialize in this kind of theft. The notary will...See More
Daniel W. replied:
Estela Pulido Duran Likewise Estelita. For a girl from Louisiana you really know your stuff about Costa Rica.